Texts: Senator Hollings Introduces Four Amendments to PNTR Bill
(One penalizes transfer of advanced technology to China)After supporters of H.R. 4444, the bill that would grant China Permanent Normal Trade Relations (PNTR) status, successfully defeated three amendments to that bill, Senator Ernest Hollings (Democrat of South Carolina) introduced four new amendments during Senate debate September 12.
The four amendments offered by the South Carolina Democrat would:
-- Change Securities and Exchange Commission (SEC) guidelines to require companies to file information about their overseas holdings, number of employees, and their imports from foreign countries where they have investments (Amendment No. 4134).
-- Require the President to report on cereal and soybeans trade between China and the United States, and if there is a trade surplus for China, to engage in negotiations with the Chinese government on steps to eliminate the trade imbalance (Amendment No. 4135).
-- Require the President to report on trade in advanced technology products for the past year, and if there is a trade surplus for China in excess of $5 billion, to engage in negotiations with Beijing on steps to reduce the U.S. trade deficit (Amendment No. 4136).
-- Forbid the Export-Import Bank of the United States and the Overseas Private Investment Corporation to provide risk insurance after December 31, 2000, to an applicant company unless it can certify that it "has not transferred advanced technology after January 1, 2001, to the People Republic of China," and "has not moved any production facilities after January 1, 2001, from the United States to the People's Republic of China" (Amendment 4137).
Following are the texts of the Hollings amendments from the September 12 Congressional Record:
(begin texts)
HOLLINGS AMENDMENTS NOS. 4134-4137
(Senate - September 12, 2000)Mr. HOLLINGS proposed four amendments to the bill, H.R. 4444, supra; as follows:
Amendment No. 4134
At the appropriate place, insert the following:
SEC. . FOREIGN INVESTMENT INFORMATION TO BE INCLUDED IN 10-K REPORTS.
The Securities and Exchange Commission shall amend its regulations to require the inclusion of the following information in 10-K reports required to be filed with the Commission:
(1) The number of employees employed by the reporting entity outside the United States directly, indirectly, or through a joint venture or other business arrangement, listed by country in which employed.
(2) The annual dollar volume of exports of goods manufactured or produced in the United States by the reporting entity to each country to which it exports such goods.
(3) The annual dollar volume of imports of goods manufactured or produced outside the United States by the reporting entity from each country from which it imports such goods.
--
Amendment No. 4135
At the appropriate place, insert the following:
SEC. . BALANCE OF TRADE WITH CHINA IN CEREALS AND SOYBEANS.
(a) In General: Beginning with the first business day in January of the year 2001 and on the first business day in January of each year thereafter, (or as soon thereafter as the data become available) the President shall report to the Congress on the balance of trade between the United States and the People's Republic of China in cereals (wheat, corn, and rice) and on the balance of trade between the United States and the People's Republic of China in soybeans for the previous year.
(b) Commitments From China To Reduce Deficit: If the President reports a trade deficit in favor of the People's Republic of China under subsection (a) for cereals or for soybeans, then the President is authorized and requested to initiate negotiations to obtain additional commitments from the People's Republic of China to reduce or eliminate the imbalance.
(c) 6-Month Follow-Up: The President shall report to the Congress the results of those negotiations, and any additional steps taken by the President to eliminate that trade deficit, within 6 months after submitting the report under subsection (a).
--
Amendment No. 4136
At the appropriate place, inset the following:
SEC. . BALANCE OF TRADE WITH CHINA IN ADVANCED TECHNOLOGY PRODUCTS. (a) Findings.--The Congress makes the following findings:
(1) The trade deficit with the People's Republic of China in advance technology products for 1999 was approximately $3.2 billion.
(2) The trade deficit with the People's Republic of China in advance technology products for 2000 is projected to be approximately $5 billion.
(b) Report: Beginning with the first business day in January of the year 2001 and on the first business day in January of each year thereafter, (or as soon thereafter as the data become available) the President shall report to the Congress on the balance of trade between the United States and the People's Republic of China in advanced technology products for this previous year.
(c) Commitments From China To Reduce Deficit: If the President reports a trade deficit in favor of the People's Republic of China under subsection (b) excess of $5 billion for any year, the President is authorized and requested to initiate negotiations to obtain additional commitments from the People's Republic of China to reduce or eliminate the imbalance.
(d) 6-Month Follow-up: The President shall report to the Congress the result of those negotiations, and any additional steps taken by the President to eliminate that trade deficit, within 6 months after submitting the report under subsection (b).
--
Amendment No. 4137
At the appropriate place, insert the following:
SEC. . RISK INSURANCE CERTIFICATIONS.
Notwithstanding any other provision of law to the contrary, and in addition to any requirements imposed by law, regulation, or rule, neither the Export-Import Bank of the United States nor the Overseas Private Investment Corporation may provide risk insurance after December 31, 2000, to an applicant unless that applicant certifies that it--
(1) has not transferred advanced technology after January 1, 2001, to the People Republic of China; and
(2) has not moved any production facilities after January 1, 2001, from the United States to the People's Republic of China.
(end texts)
(Distributed by the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)
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